You are an accountant, how do you understand the non-tariff area? What is special about this area and how does it benefit? In the following article, Duc Minh Accountant will explore with readers to learn more about this non-tariff zone!
1. Concept
Most countries in the world have regions that do not apply tariffs or do not impose taxes on some items. Areas that are exempt from import duties are called: Tax-free zones.
Viewing: What is a non-tariff zone
Or rather, a non-tariff zone is an economic area located within the territory of Vietnam with a defined geographical boundary, established under the Prime Minister’s regulations, the relationship of buying, selling and exchanging goods between the two countries. This area and the outside are export and import relations.
A non-tariff zone is an economic area within the territory of Vietnam with a definite geographical boundary, established according to the regulations of the Prime Minister, the relationship of goods sale and exchange between this zone and the outside world. export and import relations.
Non-tariff zones include: export processing zones, export processing enterprises, tax-suspension warehouses, tax-suspension zones, bonded warehouses, special economic and commercial zones, commercial-industrial zones and other economic zones permitted established under the Prime Minister’s Decision, there is an import-export relationship between this zone and the outside world.
2. Benefits of establishing a non-tariff zone
Non-tariff zone
– Settlement of employment regimes for employees, avoiding unemployment causing social evils
– Incentives on corporate income tax
– Incentives on income tax for Vietnamese and foreigners who directly work, do business in the border gate economic zone
– Goods and services exported from non-tariff zones of border-gate economic zones to foreign countries are not subject to value-added tax. Goods and services produced and consumed in a non-tariff zone within a border gate economic zone are not subject to value added tax. Goods and services purchased and sold between non-tariff zones in border-gate economic zones are not subject to value added tax. Goods and services from other functional zones in the border-gate economic zone and goods and services from inland Vietnam exported into the non-tariff zone of the border-gate economic zone shall be applied the value tax rate. increment is 0%.
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3.Conditions for establishment in a non-tariff zone
– Established under the Prime Minister’s Decision
– There are definite boundaries
– Separated from the outside territory, there is a hard fence surrounding the zone except for the special economic – commercial zones of each country.
– Having gates and doors to ensure conditions for inspection, supervision and control by Customs and other relevant functional agencies, and having a Customs organization to inspect and supervise goods. goods and means of entering and leaving the area.
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– There are no residents living inside
Duc Minh Accountant wishes you a successful reading!
-Huyen Babi-
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